Advisors using the power of the Independent Broker / Dealer (IBD) business model need all their clients to exist under one compliance and custody roof.
Every trade, every marketable security, every fee deduction, and every distribution need to come from one custodian location - that being under the compliance guidelines of the IBD.
Compliance within an IBD needs to work without exceptions or carve-outs.
Using an administrative corporate trustee that does not custody assets means all activities under the legal responsibility of the financial advisor occur under the well-organized umbrella of the IBD compliance and custodian team.
Leverage all the tools offered by the IBD including trust accounts!
No need to use a corporate trustee that is not custodian neutral. No worry about how to house different accounts (e.g., IRA, taxable, and trusts) for overall asset allocation. Simple fee deduction processes using IBD tools.
Only 9% of an advisor's clients will need a corporate trustee.
When they do (client passes away or prospective client with assets elsewhere), an advisor needs a friendly trustee as fast as a dentist when they have a toothache.
We created a quick checklist on the top four items to check when reviewing a trust document.
Your financial planning clients want you to do this.
It's tough being a financial advisor today.
Here are a few ideas in an easy checklist format to avoid becoming or being seen as a commodity by clients and/or prospects.
